Inc. Public Company and Not-For-Profit sessions are 40 minutes inclusive of Q&A. There are no separate breakout sessions. Private Company sessions are 25 minutes inclusive of Q&A. APAC sessions are 25 minutes and will not include Q&A. 43rd Annual J.P. Morgan HEALTHCARE CONFERENCE January 13–16, 2025 | The Westin St. Francis • San Francisco, California A legacy Hambrecht & Quist® event since 1983 MONDAY, JANUARY 13 CONFERENCE AGENDA (as of 12.11.2024, subject to change) | Pacific Time | Grand Ballroom | Colo ...

January 10, 2025 05:47 AM GMT Consumer Staples | Europe 2025 Themes and Stock Ideas Despite a year of sector underperformance, a still elevated rate environment is likely to limit sector appeal for now, making idiosyncratic calls key. We outline our main themes and stock changes for the year. Key Takeaways Exhibit 1: What's new? 2 rating changes and 2 new Top Picks Rating Change Top Price Target Change Old New Pick Old New Reckitt Equal-weight Overweight New Top Pick £46.00 £55.00 Diageo Underweight Underwe ...

8 January 2025 | 2:38PM IST India Consumer: Outlook 2025: A year of recovery from multiple headwinds, but competitive pressures to remain high 2024 marred by urban mass slowdown, input cost inflation, competitive disruptions: The Indian consumer sector has seen a sharp deterioration in earnings over the past two quarters, driven by a combination of 1) urban mass consumption slowdown, 2) sharp inflation in some key input costs like palm oil and 3) disruptive competition in categories like paints and grocery ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 January 8, 2025 08:22 AM GMT Midea Group Co Ltd. | Asia Pacific Research Tactical Idea We believe the share price will rise relative to the country index over the next 45 days. NDRC announced details about the 2025 consumer goods trade-in program with wider coverage scope and an increase in the number of subsidized air conditioning (AC) units. The policy details are slightly better than expected, in particular for AC. Leading home appliance names like Midea should ben ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 8 January 2025 Global Research Global Precious Metals Comment 2025 Gold Outlook The gold rally continues We summarise our views on gold in this chart pack. FX Global This report has been prepared by UBS AG, Singapore Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 22. 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 2025 Gold Outlook : The rally continues Global Precious Metals ...

Dae Lee Daniel Pfeiffer (1-415) 315-8500 (1-212) 622-0161 dae.k.lee@jpmorgan.com daniel.pfeiffer@jpmchase.com China Alex Yao Daniel Chen 852 2800 8535 (86-21) 6106 6205 Andre Chang (86-21) 6106 6362 andre.ch.chang@jpmorgan.com Korea Stanley Yang (82-2) 758-5712 stanley.yang@jpmorgan.com Europe Daniel Kerven David Peat (44-20) 7134-3057 (44-20) 7134-3596 daniel.kerven@jpmorgan.com david.peat@jpmorgan.com Marcus Diebel Lara Simpson (44-20) 7742-4447 (44-20) 7134-3637 marcus.diebel@jpmorgan.com lara.simpson@jp ...

Key Points Industry/Company Analysis 1. **Costco as a Benchmark**: Costco is chosen as a benchmark for its innovative retail model and strong performance amidst inflationary pressures, making it a significant retail model to study [1]. 2. **Costco's Origin and Growth**: Costco originated from Price Club, the first warehouse retail club, and has grown to become the largest warehouse membership retailer globally through strategic acquisitions and expansion [2][3]. 3. **Membership Model**: Costco's membership model requires customers to pay a fee, allowing the company to understand and lock in customer needs, leading to targeted product selection and cost savings [4][5]. 4. **Operational Efficiency**: Costco's high operational efficiency, reflected in its sales per square foot, labor efficiency, and sales per transaction, supports its strong business performance [7]. 5. **Product Categories**: Costco focuses on essential, everyday items like food, groceries, and household goods, with a strong emphasis on private-label brands [8]. 6. **E-commerce Growth**: Costco's e-commerce business has been growing, driven by competitive pressures and the adoption of new retail models like community团购 and全资商 [9][10]. 7. **Profitability**: Membership fees are a major source of profit for Costco, with significant increases in membership and reward levels [11]. 8. **Store Expansion**: Costco's store expansion is cautious, focusing on maximizing unit store profitability rather than aggressive growth [12][13]. 9. **Global Expansion**: Costco has expanded globally, with a significant presence in over 42 countries and regions, with a focus on high-growth markets [15]. 10. **Customer Profile**: Costco's customer base consists of middle-to-high-income individuals, particularly suburban families, who value high-quality, affordable products [16]. 11. **Economic Background**: Costco's success is attributed to its ability to offer high value for money, driven by optimized labor costs, warehouse costs, and marketing expenses [21][22]. 12. **Supply Chain and Logistics**: Costco's efficient supply chain and logistics, including direct supplier relationships and streamlined operations, contribute to its competitive advantage [23][26]. 13. **Employee Focus**: Costco emphasizes employee training and empowerment, leading to high employee satisfaction and productivity [28][29]. 14. **Dynamic Product Assortment**: Costco maintains a dynamic product assortment, regularly updating its product range to ensure freshness and relevance [29]. 15. **Flexible Return Policy**: Costco's flexible return policy enhances customer confidence and satisfaction [29]. Industry Trends 1. **Retail Industry Transformation**: The retail industry is undergoing a significant transformation, driven by changing consumer preferences and economic conditions [37]. 2. **Innovation in Retail Models**: New retail models like community团购,全资商, and social commerce are gaining traction, challenging traditional retail models [10][38]. 3. **Focus on Customer Experience**: Retailers are increasingly focusing on enhancing customer experience through improved product quality, service, and store environments [41]. 4. **Competitive Landscape**: The retail industry is highly competitive, with major players like Costco, Sam's Club, and BJ's Club dominating the market [19]. 5. **Digital Transformation**: The digital transformation of retail is a key trend, with retailers leveraging technology to improve efficiency and customer experience [39]. Investment Implications 1. **Potential for Growth**: The retail industry presents significant growth opportunities, particularly for companies that can adapt to changing consumer preferences and leverage technology [40]. 2. **Focus on Value Creation**: Companies should focus on creating value for customers through high-quality products, competitive pricing, and exceptional service [21][41]. 3. **Innovation and Adaptability**: Companies need to be innovative and adaptable to stay competitive in a rapidly evolving retail landscape [38][40]. 4. **Investment Opportunities**: There are potential investment opportunities in companies that can successfully navigate the challenges and capitalize on the opportunities in the retail industry [40].

Key Takeaways **Industry or Company Involved:** - Xiaomi Corp (1810.HK, 1810 HK) **Core Points and Arguments:** - **2024 EV Shipments**: Xiaomi's EV delivery volume exceeded 135k units in 2024, surpassing its annual delivery target [2]. - **2025 Shipments Target**: The company has raised its 2025 EV shipments target to 300k units, an increase from the previous target of ~250k units [2]. - **Product Mix Change**: In 2025, Xiaomi will introduce the SU7 Ultra and YU7 models, which are expected to have higher ASPs than the SU7 Basic, Pro, and Max models in 2024. This is expected to drive higher ASPs and better EV margins [3]. - **Execution in EV Business**: Xiaomi's strong delivery volume in 2024 and the higher shipment target for 2025 indicate excellent execution in the new EV business [3]. **Other Important Points:** - **Analyst's View**: The analyst maintains a positive view on Xiaomi's EV business and believes an upward revision of the shipment target is likely in 2025 [3]. - **Valuation Methodology**: The base case valuation uses a residual income (RI) model derived from the sum-of-the-parts methodology. The CoE for the smartphone business, IoT, and Internet Services is 11%, 11%, and 11.4%, respectively, with terminal growth rates of 3%, 3%, and 6% [8]. - **Risks**: Risks to upside include better-than-expected customer feedback for the first EV, good ramp-up for offline expansion in China, higher market share gain in overseas markets, and continued fierce EV competition in 2025. Risks to downside include smartphone gross margin pressure from inventory destocking and weak demand, and more concerns about smart EV investment [11]. **Additional Information:** - The document includes disclosures regarding the relationship between Morgan Stanley and the companies covered in its research, as well as important regulatory disclosures on subject companies [13, 16-19]. - The document also provides information on Morgan Stanley's stock ratings system and global stock ratings distribution [24-26]. - The document includes important disclosures for Morgan Stanley Smith Barney LLC customers and other important disclosures [35-37]. - The document provides information on Morgan Stanley's research policy, terms of use, and privacy policy [38-40]. - The document includes important regulatory disclosures on subject companies and other important disclosures [41-45]. - The document provides information on Morgan Stanley's industry coverage and stock ratings for various companies in the Greater China Technology Hardware sector [56-57].

-30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 4Q12 4Q15 4Q18 4Q21 4Q24 Net Tightening vs. Easing Lending Standards - Auto Tightening Easing M O R G A N S T A N L E Y R E S E A R C H | --- | --- | --- | --- | --- | |----------|-------------|-------|--------------------|-------------------------| | | | | | | | Mortgage | Credit Card | Auto | Economic Activity | Sentiment / Conditions | Source: Dealertrack, Morgan Stanley Research. Consumer Credit Activity Tracker Source: Manheim, Morgan Stanley Research. Morgan S ...

Company and Industry Overview * **Company**: Zhejiang Huahai Pharmaceutical Co. Ltd. (600521.SS) * **Industry**: China Healthcare * **Research Firm**: Morgan Stanley Research * **Analyst**: Laurence Tam Key Points Investment Drivers * **API Pricing**: Monthly API pricing data released by China Customs. * **Drug Launches**: Drug launches in China and the US, particularly in the formulation segment. * **Margin Expansion**: Expansion of margins through pricing, capacity utilization, and operating leverage. Risks to PT/Rating * **Upside Risks**: * New multinational API manufacturing contracts. * Rise in API pricing in multiple drug categories. * Approval of formulations in China and the US. * Renewal of management incentive scheme. * **Downside Risks**: * Dipping export demand due to geopolitical factors. * Export bans by overseas regulators. * Price cuts on generic drugs. Financial Projections * **Sales/Revenue**: 9,707.4 million RMB (Note: Insufficient consensus data available) * **EBIT**: 2,018 million RMB (Note: Insufficient consensus data available) * **Ownership Positioning**: 94.1% institutional owners * **MS Alpha Models**: 3/5 for 3-month horizon Risk/Reward Update * **Price Target**: Rmb23.00 (Up from Rmb22.00) * **Bull Case**: Rmb27.00 - Rmb28.00 * **Base Case**: Rmb22.00 - Rmb23.00 * **Bear Case**: Rmb12.00 - Rmb13.00 * **52-Week Range**: Rmb21.55 - Rmb10.71 * **Fiscal Year Ending**: 12/23 - 12/26e Investment Thesis * **Top Five Chinese Formulations by Sales**: Drug Master Files (2023) * **Top Ten Most Supplier - Formulations with more stable margins** * **Return of API export supply chains**: Resumption of API export supply chains, lifted by global and export bans. * **Acceleration of formulation sales growth**: Expected acceleration of formulation sales growth, launches per year, mainly in 2023-2026. * **Forward PE multiple**: Projected forward PE multiple of multiple for A-share listed API stocks with high level of forward integration. Risk/Reward Themes * **Pricing Power**: Secular Growth: View descriptions of Risk Rewards Themes here Key Earnings Inputs * **Net Sales**: 8,308,720,000 RMB (2023) * **Gross Margin**: 60.4% (2023) * **Operating Margin**: 14.9% (2023) * **Net Margin**: 10.0% (2023) * **Net Income**: 830,466,000 RMB (2023) Additional Information * **Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research**. * **Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated, or Underweight**. * **Analyst certification and other important disclosures are available in the Disclosure Section**.